日前，根据多地财政部门公开信息，地方政府专项债迎来投向政府投资基金的集中发行高峰。其中，广 东省、四川省、上海市将于11月28日合计发行200亿元专项债券，分别注入广东省政府投资基金、成都 市创业投资基金和上海未来产业基金。 此外，上述券商投行人士认为，这类债券的购买主体主要是银行、保险、债券基金等金融机构，他们的 风险偏好较低，且普遍认可债券背后的偿债逻辑，加上有政府信用背书，有很好的安全性保障。 当然，这对地方政府的实力也提出挑战。水木资本创始管理合伙人唐劲草认为，地方政府需要具备较强 的财政实力、成熟的基金管理能力，以及良好的产业基础。 尤为关键的是，政策特别将信息技术、新材料、生物制造、数字经济等新兴产业基础设施纳入专项债券 用作项目资本金的范围，这一突破性调整为专项债流入政府投资基金、产业投资基金等领域撕开了 "口 子"，也为地方政府借助专项债撬动产业投资提供了清晰的政策依据。 专项债投向的转变，背后是地方财政现实压力与国家战略导向的双重考量。长期以来，政府投资基金是 地方撬动社会资本、推动产业转型升级和科技创新的核心工具，但这类基金的资金供给高度依赖年度公 共财政预算。近年来，不少地方面临财政收入 ...

Group 1: Fiscal Revenue and Expenditure - In the first ten months of the year, the national general public budget revenue reached approximately 18.65 trillion yuan, a year-on-year increase of 0.8% [2] - Tax revenue was about 15.34 trillion yuan, up 1.7% year-on-year, while non-tax revenue decreased by 3.1% to approximately 3.31 trillion yuan [2] - In October alone, tax revenue growth reached 8.6%, indicating a recovery trend in fiscal income [2] - Total general public budget expenditure for the first ten months was around 22.58 trillion yuan, a 2% increase year-on-year, with social security and employment expenditures growing by 9.3% [2] Group 2: Loan Market and Interest Rates - The one-year Loan Prime Rate (LPR) remains unchanged at 3.0%, and the five-year LPR is at 3.5%, marking six consecutive months of stability [3] - The net interest margin for commercial banks was 1.42%, showing a decline of 10 basis points compared to the end of last year [3] - The central bank plans to enhance the interest rate adjustment framework and improve the transmission mechanism of market-based interest rates [3] Group 3: Local Government Debt and Investment Funds - Various local governments have issued a total of 520 billion yuan in special bonds this year, directing funds towards local government investment funds [4] - The recent issuance of 65.2 billion yuan in special bonds by Shenzhen is aimed at supporting the local government investment guidance fund [4] - The expansion of special bond usage reflects a new approach to broaden funding sources for government investment funds amid declining local fiscal revenue growth [4] Group 4: Semiconductor Industry Developments - The Netherlands has suspended an administrative order against Anshi Semiconductor, indicating a potential easing of tensions in the global semiconductor supply chain [6] - Despite the suspension, the court ruling from October 7 remains in effect, limiting the control of Wente Technology over Anshi Semiconductor [6] - The Chinese Ministry of Commerce welcomed the suspension but emphasized the need for further constructive actions to resolve the semiconductor supply chain issues [6] Group 5: Securities Industry Consolidation - China International Capital Corporation (CICC) is planning a major asset restructuring to merge with Dongxing Securities and Xinda Securities, with the combined assets expected to reach approximately 1.01 trillion yuan [7] - The merger aims to enhance CICC's capabilities in investment banking and support the high-quality development of the securities industry [7] - The consolidation of these firms is seen as a strategic move to achieve economies of scale and synergistic effects in the competitive securities market [8] Group 6: U.S. Economic Indicators and Market Reactions - The U.S. unemployment rate rose to 4.4% in September, while non-farm payrolls showed a significant downward revision, complicating the Federal Reserve's decision-making [9] - The latest FOMC meeting minutes revealed strong divisions among officials regarding potential interest rate cuts in December, influenced by mixed economic data [9] - Concerns over an AI bubble have led to significant volatility in U.S. stock markets, with major tech stocks experiencing declines despite some strong earnings reports [12][13]

2025.11. 18 本文字数：1262，阅读时长大约2分钟 作者 | 第一财经 陈益刊 越来越多地方开始尝试举债来充实当地政府投资基金。 不过去年底的国务院办公厅发布《关于优化完善地方政府专项债券管理机制的意见》，扩大专项债券 投向领域，其中对口专项债券投向领域采取了"负面清单"管理，未纳入"负面清单"的项目均可申请专 项债券资金。而政府投资基金并不在"负面清单"之中，多位接受第一财经采访的专家表示，这意味着 专项债被允许投向政府投资基金等股权基金。 今年1月，国务院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（下称《意见》）， 其中在部署政府投资基金找准定位，更好服务国家发展大局时要求，发展壮大长期资本、耐心资本， 比如积极引导全国社会保障基金、保险资金等长期资本出资。 为防控风险，上述《意见》要求加强政府投资基金风险防范，严禁地方政府通过违法违规举债融资进 行出资，不得新增地方政府隐性债务，不得强制要求国有企业、金融机构出资或垫资。 在这一背景之下，地方密集发行专项债投向政府投资引导基金。 中证鹏元研发部高级董事吴志武认为，近年来地方经济发展趋缓，地方财政收入增速下降，支出压力 较为突出，导 ...

今年以来，北京、江苏、广州、浙江、宁波、陕西、上海、安徽、湖北已经合计发行520亿元专项债 券，投向当地政府投资基金。 越来越多地方开始尝试举债来充实当地政府投资基金。 近日，深圳市财政局公开最新当地政府债券发行披露文件显示，11月24日将发行的65.2亿元10年期专项 债券，这笔资金投向深圳市政府投资引导基金。 为防控风险，上述《意见》要求加强政府投资基金风险防范，严禁地方政府通过违法违规举债融资进行 出资，不得新增地方政府隐性债务，不得强制要求国有企业、金融机构出资或垫资。 在这一背景之下，地方密集发行专项债投向政府投资引导基金。 中证鹏元研发部高级董事吴志武认为，近年来地方经济发展趋缓，地方财政收入增速下降，支出压力较 为突出，导致资金供给所带来的挑战，政府投资基金迫切需要拓宽资金来源。而相比保险、银行等其他 社会资金，专项债资金支持政府投资基金具有一些优势。比如融资成本更低，且在债券还本付息得到保 障的基础上，地方政府可以将基金更好地聚焦于政策目标的实现上。 目前地方政府并未详细披露专项债资金用于政府投资基金具体项目，从期限来看，投向政府投资基金的 专项债期限普遍在10年至20年。从偿债来源看，各地投 ...

Core Points - The article outlines the management measures for the Shanghai Qingpu S Fund, which aims to promote enterprise development and enhance the liquidity of the private equity market in Qingpu District [2][3] - The fund is established by the Qingpu District People's Government and operates in a market-oriented manner [2] - The fund has a duration of 10 years, with a 5-year investment period and a 5-year exit period, which can be extended with approval [4] Chapter Summaries Chapter 1: General Principles - The Qingpu S Fund is designed to support enterprise development and optimize the industrial ecosystem [2] - A management committee and an expert review committee are established to oversee investment strategies and project evaluations [2][5][6] Chapter 2: Funding Sources and Scale Adjustment - The fund's capital will be provided in phases based on investment progress [3] Chapter 3: Decision-Making and Management - The management committee is led by a deputy district mayor and includes leaders from various district departments [5] - The expert review committee ensures independent and professional evaluations of investment projects [6] Chapter 4: Operational Principles and Methods - The fund operates under principles of government guidance, market operation, scientific decision-making, and risk prevention [10] - Investment methods include participating in sub-funds and acquiring secondary fund shares [11] Chapter 5: Risk Control - The fund's investment in any single sub-fund is capped at 30%, with a maximum investment amount of 100 million yuan [19] - A qualified custodian bank must be selected for fund management and monitoring [19] Chapter 6: Supervision and Performance Evaluation - The fund management institution must submit annual reports on fund operations and performance to the management committee [22] - A performance evaluation system will be established to assess the fund's effectiveness in achieving policy goals [23] Chapter 7: Supplementary Provisions - The management measures will take effect from December 10, 2025, until December 9, 2027 [25]

Core Viewpoint - The report emphasizes the acceleration of new growth momentum in China's economy through enhanced fiscal policies, support for innovation, and investment in key industries, while ensuring the stability of employment and market expectations [1][3]. Group 1: Fiscal Policy and Economic Growth - The fiscal policy is increasingly proactive, focusing on stabilizing employment, businesses, and market expectations, while promoting economic recovery [3][4]. - A total of 300 billion yuan in special bonds is allocated to support the replacement of consumer goods, which is expected to stimulate significant retail sales [4][15]. - The central government plans to increase its technology funding to 398.12 billion yuan in 2025, a 10% increase from the previous year, focusing on core technology and strategic industries [5][21]. Group 2: Investment and Consumption - The government aims to enhance domestic demand by boosting consumption and effective investment, with a focus on key sectors and weak links [13][16]. - The issuance of special bonds has accelerated, with 5.55 billion yuan issued in the first half of the year, completing 42.7% of the annual target [16]. - The manufacturing sector is expected to see a 10.3% increase in industrial investment, driven by government support for technological upgrades [17]. Group 3: Employment and Social Welfare - The central government allocated 667.4 billion yuan for employment support, with 6.95 million new urban jobs created in the first half of the year [27][28]. - Education spending increased by 5.9% to 2.15 trillion yuan, with a focus on improving quality and access to education [29][30]. - Basic public health service funding reached 804.35 billion yuan, enhancing health management and disease prevention efforts [32][33]. Group 4: Risk Management and Financial Stability - The government is implementing measures to mitigate financial risks, including the management of local government debt and the promotion of real estate market stability [7][9]. - A comprehensive approach to fiscal management is being adopted, including reforms in tax systems and budget execution to ensure effective use of resources [7][12]. Group 5: Innovation and Technology - The report highlights the importance of integrating technological innovation with industrial development, with a focus on enhancing research capabilities and supporting key technology projects [20][21]. - Funding for basic research is set to increase by 12.1%, emphasizing the need for original innovation and support for research institutions [21][22]. Group 6: Environmental and Social Development - The government is committed to ecological protection and sustainable development, with significant funding allocated for pollution control and ecosystem restoration [38][39]. - Social welfare programs are being expanded, with increased support for vulnerable populations and efforts to improve living standards [34][35].

Core Insights - The "Shaanxi Fund Yearbook (2025)" was released during a conference aimed at promoting the high-quality development of government investment funds in Xi'an, attended by over 200 representatives from government, industry, and academia [1][2] - The yearbook provides a comprehensive overview of the development trajectory, policy environment, and practical achievements of the national and Shaanxi fund industry over the past year, serving as an authoritative reference for the financial sector [1] - The establishment of the "Mediation Workroom" by the Shaanxi Securities Investment Fund Association aims to enhance the multi-faceted dispute resolution mechanism in the fund industry, optimize the business environment, and protect investors' legal rights [1] - The formation of the Government Investment Fund Professional Committee marks a new phase of organized and systematic research, communication, and cooperation in the field of government investment funds in Shaanxi [1] - The committee will contribute professional expertise to the formulation of policies for the modern industrial system in Shaanxi, business innovation, and the integration of industry and finance [1][2] Industry Developments - The Shaanxi Securities Investment Fund Association, led by President Du Hong, will continue to act as a bridge to promote compliance and enhance professional capabilities within the government investment fund and private equity sectors [2] - The association aims to support the high-quality development of the Shaanxi fund industry and the real economy [2]

Core Viewpoint - The article discusses the evolving landscape of investment attraction and industrial development in China, emphasizing the need for standardized practices and new strategies in response to recent regulatory changes and market dynamics [1][2][3]. Group 1: Regulatory Changes - The implementation of the "Fair Competition Review Regulations" (State Order No. 783) since August last year prohibits preferential tax policies and selective financial rewards for specific operators without legal basis or government approval [1]. - The State Council issued guidelines on promoting the high-quality development of government investment funds, stating that these funds should not be established solely for the purpose of attracting investment [2][3]. Group 2: Policy Guidance - The National Development and Reform Commission (NDRC) is focusing on rectifying irregularities in local investment attraction practices, which have led to unhealthy competition through tax and land incentives [3]. - A unified list of permissible and prohibited behaviors for local investment attraction is being developed to enhance transparency and accountability [2][3]. Group 3: New Investment Strategies - Local governments are shifting their investment attraction strategies to focus on nurturing their own advantageous industries based on local resources rather than merely attracting established external enterprises [5]. - Four new approaches to investment attraction have emerged, including capital-industry matching conferences, fund promotion events, industry forums, and international investment summits [5][11][19][24]. Group 4: Event Highlights - The "Fujian Capital and Industry Matching Conference" held in October 2025 attracted over 150 fund representatives, showcasing the importance of connecting financial capital with local projects [6]. - The "2023 Deyang Fund Promotion Conference" in Shanghai highlighted the collaboration between local governments and financial institutions to promote investment opportunities [11][12]. - The "First China-Arab Investment Summit" in April 2025 aimed to facilitate cross-border investment and cooperation between China and the Middle East [26][27]. Group 5: Outcomes and Impact - The various investment attraction models have proven effective, with past events resulting in over 10 billion yuan in fund collaborations and more than 50 projects being realized [27].

Core Viewpoint - Local government special bonds play a crucial role in stabilizing growth and investment, with over 89% of the annual issuance limit already reached by October 30 this year [1] Group 1: Special Bond Issuance - As of October 30, 2023, the issuance of new local government special bonds reached 39,387.21 billion yuan, exceeding 89% of the annual limit, with an expected total of 39,645.81 billion yuan including planned issuances [1] - The new local government special debt limit for 2025 is set at 4.4 trillion yuan, an increase of 500 billion yuan from the previous year [1] - The top five provinces for new special bond issuance are Guangdong, Shandong, Zhejiang, Jiangsu, and Sichuan, all showing growth compared to the same period last year [1] Group 2: Funding Allocation and Support - This year, special bonds have significantly increased support for real estate and government investment funds, broadening the scope of funding allocation [2] - Special bonds are being used innovatively in regions like Beijing, Shanghai, and Zhejiang to support government investment funds, which can leverage social capital through government injections [2] - The upcoming months are expected to see a "small peak" in special bond issuance, with over 5,000 billion yuan still available for issuance [2] Group 3: Future Planning and Project Preparation - The preparation for 2026 local special bond projects has already begun, with some provinces notifying localities to prepare project reserves [3] - The early issuance of part of the debt replacement quota for next year is anticipated to help local governments free up more funds for development [3][4] - Industry experts suggest that next year's special bonds will further enhance their role in stabilizing growth, promoting development, and mitigating risks, particularly in infrastructure projects [5]

Core Insights - The event held on October 22 in Xi'an focused on the future development of government investment funds in Shaanxi province, with nearly 200 representatives from government, industry, and academia in attendance [1][3] Group 1: Government Investment Fund Development - The Shaanxi Securities Investment Fund Association emphasized the significant role of government investment funds in supporting the real economy, promoting industrial upgrades, and facilitating technological innovation [3] - The association's president expressed confidence that the Shaanxi fund industry would contribute to high-quality development, leveraging capital to support the economy [3] Group 2: Publication of the Annual Report - The "Shaanxi Fund Yearbook (2025)" was officially released, documenting the development of the fund industry and providing insights into trends and policies [4] - This yearbook marks the fourth edition and has been recognized as a formal publication, enhancing the visibility of Shaanxi's fund industry research [4][5] Group 3: Establishment of Professional Committees - The establishment of the "Government Investment Fund Professional Committee" aims to enhance the effectiveness of government investment funds and facilitate organized research and collaboration [6] - The committee is expected to serve as a think tank for policy formulation and a source of innovation in business practices [6] Group 4: Industry Self-Regulation and Service Optimization - The Shaanxi Securities Investment Fund Association launched a "Mediation Workroom" to improve dispute resolution mechanisms and protect investors' rights [8] - The association aims to create a robust risk management framework to ensure sustainable industry development [8] Group 5: Future Directions - The event showcased the association's commitment to serving the industry and its members, with plans to enhance compliance and professional capabilities in the government investment fund and private equity sectors [9]